LEASE option is a form of financing strategy.
As the name suggests, it consists of two parts: the lease and the option. The first part is where the tenant-buyer leases the property from the landlord-seller for a fixed period of time while the latter is allowing the tenant-buyer an option, not an obligation, to buy the property at an agreed price upon signing of the lease option agreement. The definition of a lease is not less than three years.
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